Common use of Senior Percentage Clause in Contracts

Senior Percentage. Notwithstanding the foregoing, the Senior Prepayment Percentage with respect to the Group I Loans and Group II Loans will be equal to 100% on any Distribution Date on which (i) the Aggregate Senior Percentage for that Distribution Date exceeds the Aggregate Senior Percentage as of the Closing Date or (ii) the aggregate Scheduled Principal Balance of the Group I Loans and Group II Loans (including Group I Loans and Group II Loans in bankruptcy, foreclosure and related REO Property) (averaged over the preceding six month period) as a percentage of the Aggregate Subordinate Amount is equal to or greater than 50% as of such Distribution Date, or cumulative Realized Losses on the Group I Loans and Group II Loans allocated to the Subordinate Certificates are greater than the following amounts: PERCENTAGE OF THE AGGREGATE SUBORDINATE DISTRIBUTION DATE OCCURRING IN AMOUNT AS OF THE CUT-OFF DATE ------------------------------ --------------------------------------------------- February 2010 through January 2011........................... 30% February 2011 through January 2012........................... 35% February 2012 through January 2013........................... 40% February 2013 through January 2014........................... 45% February 2014 and thereafter................................. 50% - 34 - If on any Distribution Date the allocation to the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates of Principal Prepayments in the percentage required would reduce the sum of the aggregate Certificate Principal Balances of the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero.

Senior Percentage. Notwithstanding the foregoing, the Senior Prepayment Percentage with respect to the Group I Loans and Group II Loans will be equal to 100% on any Distribution Date on which (i) the Aggregate Senior Percentage for that Distribution Date exceeds the Aggregate Senior Percentage as of the Closing Date or (ii) the aggregate Scheduled Principal Balance of the Group I Loans and Group II Loans (including Group I Loans and Group II Loans in bankruptcy, foreclosure and related REO Property) (averaged over which are 60 or more days delinquent for each of the immediately preceding six month period) as a percentage calendar months is greater than 50% of the Aggregate Subordinate Amount is equal to or greater than 50% as of such Distribution Date, or cumulative Group I/II Realized Losses on the Group I Loans and Group II Loans allocated to the Group I/II Subordinate Certificates are greater than the following amounts: PERCENTAGE OF THE AGGREGATE SUBORDINATE DISTRIBUTION DATE OCCURRING IN AMOUNT AS OF THE CUT-OFF DATE ------------------------------ --------------------------------------------------- ----------------------------- February 2008 through January 2009........................... 30% February 2009 through January 2010........................... 35% February 2010 through January 2011........................... 3040% February 2011 through January 2012........................... 3545% February 2012 through January 2013........................... 40% February 2013 through January 2014........................... 45% February 2014 and thereafter................................. 50% - 34 - If on any Distribution Date the allocation to the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates (other than the related Principal Only Certificates and Group I/II Interest Only Certificates) of Principal Prepayments in the percentage required would reduce the sum of the aggregate Certificate Class Principal Balances of the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates (other than the related Principal Only Certificates and Group I/II Interest Only Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero. Notwithstanding the foregoing, however, on each Distribution Date, the Principal Only Certificates shall receive the related Discount Fraction of all principal payments, including, without limitation, Principal Prepayments, received in respect of each Discount Loan.

Senior Percentage. Notwithstanding the foregoing, the Senior Prepayment Percentage with respect to the Group I Loans and Group II Loans will be equal to 100% on any Distribution Date on which (i) the Aggregate Senior Percentage for that Distribution Date exceeds the Aggregate Senior Percentage as of the Closing Date or (ii) the aggregate Scheduled Principal Balance of the Group I Loans and Group II Loans (including Group I Loans and Group II Loans in bankruptcy, foreclosure and related REO Property) which are 60 or more days delinquent (averaged over the preceding six six-month period) ), as a percentage of the Aggregate Subordinate Amount Amount, is equal to or greater than 50% as of such Distribution Date, or cumulative Realized Losses on the Group I Loans and Group II Loans allocated to the Subordinate Certificates are greater than the following amounts: PERCENTAGE OF THE AGGREGATE SUBORDINATE DISTRIBUTION DATE OCCURRING IN AMOUNT AS OF THE CUT-OFF DATE ------------------------------ --------------------------------------------------- February ----------------------------- March 2010 through January February 2011........................... ............................. 30% February March 2011 through January February 2012........................... ............................. 35% February March 2012 through January February 2013........................... ............................. 40% February March 2013 through January February 2014........................... ............................. 45% February March 2014 and thereafter................................. .................................... 50% - 34 - If on any Distribution Date the allocation to the Group I Senior Certificates (other than the Class I-A-2 A-2, Class I-A-4 and Class I-A-6 Certificates) or Group II Senior Certificates (other than the Class II-A-2 Certificates) of Principal Prepayments in the percentage required would reduce the sum of the aggregate Certificate Principal Balances of the Group I Senior Certificates (other than the Class I-A-2 A-2, Class I-A-4 and Class I-A-6 Certificates) or Group II Senior Certificates (other than the Class II-A-2 Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero.

Senior Percentage. Notwithstanding the foregoing, the Senior Prepayment Percentage with respect to the Group I Loans and Group II Loans will be equal to 100% on any Distribution Date on which (i) the Aggregate Senior Percentage for that Distribution Date exceeds the Aggregate Senior Percentage as of the Closing Date or (ii) the aggregate Scheduled Principal Balance of the Group I Loans and Group II Loans (including Group I Loans and Group II Loans in bankruptcy, foreclosure and related REO Property) (averaged over which are 60 or more days delinquent for each of the immediately preceding six month period) as a percentage calendar months is greater than 50% of the Aggregate Subordinate Amount is equal to or greater than 50% as of such Distribution Date, or cumulative Group I/II Realized Losses on the Group I Loans and Group II Loans allocated to the Group I/II Subordinate Certificates are greater than the following amounts: PERCENTAGE OF THE AGGREGATE SUBORDINATE DISTRIBUTION DATE OCCURRING IN AMOUNT AS OF THE CUT-OFF DATE ------------------------------ --------------------------------------------------- ----------------------------- February 2008 through January 2009........................... 30% February 2009 through January 2010........................... 35% February 2010 through January 2011........................... 3040% February 2011 through January 2012........................... 3545% February 2012 through January 2013........................... 40% February 2013 through January 2014........................... 45% February 2014 and thereafter................................. 50% - 34 - If on any Distribution Date the allocation to the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates (other than the related Principal Only Certificates and Group I/II Interest Only Certificates) of Principal Prepayments in the percentage required would reduce the sum of the aggregate Certificate Class Principal Balances of the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates (other than the related Principal Only Certificates and Group I/II Interest Only Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero. Notwithstanding the foregoing, however, on each Distribution Date, the Principal Only Certificates shall receive the related Discount Fraction of all principal payments, including, without limitation, Principal Prepayments, received in respect of each Discount Loan. SERVICER: National City, Xxxxxx, Greenpoint or GMAC, as applicable, or any successor appointed under the applicable Servicing Agreement.